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S CORPORATIONS 1149 Tax Lawyer, Vol. 56, No. 4 S CORPORATIONS SUBMITTED BY THE COMMITTEE ON S CORPORATIONS: STEVEN I. KLEIN, COMMITTEE CHAIR; STEPHEN M. NECHEMIAS, SUBCOMMITTEE CHAIR ON IMPORTANT DEVELOPMENTS* Legislation Section 402 of the Job Creation and Worker Assistance Act of 2002, Pub. L. No. 107-147, 116 Stat. 21, amended section 108(d)(7)(A) to provide that dischaarg of indebtedness income excluded from income by an insolvent S corporattio does not increase a shareholder’s basis of stock...

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